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OPEC+ Moving Closer to African Nations Quota Concession: Reuters Sources

OIL

OPEC+ is moving closer to an agreement with African nations unhappy with their production quotas for next year, referring to Nigeria and Angola, both of which have aspirations to boost production in the short term as they try to turn around lackluster performance this year.

  • Reuters has now cited three OPEC sources claiming that an agreement is moving closer between OPEC+ and the African nations.
  • “One of the sources, who spoke on condition of anonymity, said he felt "with 99% of confidence" that OPEC+ could reach an agreement on Nov. 30.” Reuters reported.
  • Another two sources said an agreement was near while a fourth said discussions were ongoing.
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